Core Insights - Two stock ETFs have recently announced their listing, with the latest positions showing that the Fidelity China Machinery Theme ETF has a stock position of 9.91% and the GF China Hong Kong Internet ETF has a stock position of 63.32% [1] - Since December, a total of 11 stock ETFs have announced their listings, with an average position of only 21.14%. The highest position is held by the Huatai-PineBridge Hang Seng Index ETF at 69.53% [1] - The average fundraising for the newly announced ETFs in December is 484 million shares, with the largest being the E Fund China Science and Technology Innovation ETF at 1.336 billion shares [1] ETF Positioning - The ETF with the highest stock position is the Huatai-PineBridge Hang Seng Index ETF at 69.53%, followed by the GF China Hong Kong Internet ETF at 63.32% and the Bosera China Banking ETF at 30.14% [1] - The ETFs with the lowest stock positions include the CCB China Select Shanghai-Hong Kong Technology 50 ETF and the Invesco China Science and Technology Innovation ETF, both at 0.00% [1] Institutional Ownership - The average proportion of shares held by institutional investors is 21.80%, with the highest being the CCB China Select Shanghai-Hong Kong Technology 50 ETF at 48.92% [2] - The ETFs with the lowest institutional ownership include the Invesco China Science and Technology Innovation ETF at 5.24% and the E Fund China Science and Technology Innovation ETF at 6.80% [2] Fundraising and Listing Dates - The newly established stock ETFs have varying fundraising sizes, with the E Fund China Science and Technology Innovation ETF leading at 1.336 billion shares, followed by the Invesco China Science and Technology Innovation ETF at 933 million shares [2] - The listing dates for these ETFs are scheduled between December 8, 2025, and December 22, 2025, depending on the ETF [2]

Group 1 - Two stock ETFs have released listing announcements, with the Guangfa CSI All Share Food ETF having a stock position of 29.94% and the Huatai-PineBridge AI ETF at 9.69% [1] - In the past month, 20 stock ETFs have announced listings, with an average position of only 18.34%. The highest position is held by the Huitianfu Hang Seng Index ETF at 69.53% [1] - The average number of shares raised for the newly announced ETFs is 519 million, with the largest being the E Fund CSI AI ETF at 1.336 billion shares [1] Group 2 - Institutional investors hold an average of 13.22% of the shares, with the highest proportions in the Jiao Yin CSI Selected Technology ETF at 48.92% and the Huatai-PineBridge AI ETF at 34.43% [2] - The newly established stock ETFs have varying positions during their construction period, with the Guangfa CSI All Share Food ETF set to list on December 19, 2025, and the Huatai-PineBridge AI ETF on the same date [2][3] - The lowest institutional holding ratios are found in the E Fund CSI A500 Dividend Low Volatility ETF and the Penghua Hang Seng Biotechnology ETF, both below 3% [2]

Group 1 - Two stock ETFs have released listing announcements, with the latest positions showing that the Jiao Yin CSI Selected Hong Kong and Shanghai Technology 50 ETF has a stock position of 0.00%, while the E Fund CSI Innovation and Entrepreneurship Artificial Intelligence ETF has a stock position of 9.87% [1] - In the past month, a total of 18 stock ETFs have announced their listings, with an average position of only 18.18%. The ETF with the highest position is the Huatai-PineBridge Hang Seng Index Hong Kong Stock Connect ETF at 69.53%, followed by the Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF at 54.00% and the Bosera National Certificate Industrial Software Theme ETF at 46.74% [1] - Generally, ETFs must meet the position requirements specified in the fund contract before listing. The time between the announcement and the actual listing is a few trading days, during which low positions are expected to be built up before listing [1] Group 2 - The average proportion of shares held by institutional investors is 12.10%. The ETFs with the highest institutional ownership are the Jiao Yin CSI Selected Hong Kong and Shanghai Technology 50 ETF at 48.92%, the E Fund CSI Innovation and Entrepreneurship Artificial Intelligence ETF at 34.43%, and the Bosera National Certificate Bank ETF at 22.72% [2] - The recently established stock ETFs have an average fundraising scale of 540 million shares, with the largest being the E Fund CSI Innovation and Entrepreneurship Artificial Intelligence ETF at 1.336 billion shares, followed by the E Fund CSI Innovation and Entrepreneurship Artificial Intelligence ETF at 933 million shares and the Penghua Hang Seng Biotechnology ETF at 758 million shares [1][2]

Core Viewpoint - The fund issuance market remains robust as year-end approaches, with many new funds being launched and several funds ending their fundraising early, indicating a continuous influx of capital into the A-share market [1][2]. Group 1: Fund Issuance Trends - As of December 3, 14 new funds announced early closure of their fundraising since November, reflecting strong demand [1]. - The newly launched Xingquan CSI 300 Quality ETF, initially set to raise funds until December 5, closed early on December 1 after selling over 1 billion units in just two days, with a fundraising cap of 2 billion yuan [1]. - The total number of new funds established this year reached 1,488, surpassing the numbers from 2024 (1,136) and 2023 (1,280), and is close to the 2022 figure of 1,546 [2]. Group 2: Fund Types and Investor Preferences - Passive funds, particularly equity and mixed funds, have gained popularity, making up over 50% of new products this year, the highest level in three years [2]. - "Fixed income plus" products have seen significant growth, with a total market size of 2.44 trillion yuan as of Q3, up over 500 billion yuan from Q2 [3]. - Index-enhanced funds are favored by institutions as a way to enter passive investment, allowing for both index tracking and showcasing active management capabilities [4].